Man found not criminally responsible for killing wife gets her life insurance

The excerpted article was written by Blair Rhodes · CBC News

A Cape Breton man who was found not criminally responsible for killing his wife is entitled to receive 100 per cent of her life insurance policy, a Nova Scotia Supreme Court judge has ruled.

Richard Maidment, 42, who also uses the surname McNeil, killed Sarabeth Forbes on April 18, 2017, in the home they shared in Gardiner Mines, N.S.

Maidment has schizophrenia and his mental health had been deteriorating dramatically in the days before the killing. Forbes and their son, then 10 years old, had moved out of the residence as a precaution the day before.

But on the morning of April 18 she returned to the home, where she was killed.

Maidment was charged with first-degree murder, but in December 2017 was found not criminally responsible and confined to the East Coast Forensic Hospital in Dartmouth, Nova Scotia’s only secure psychiatric facility.

In 2015, Forbes had purchased a life insurance policy for herself naming Maidment as the beneficiary. She named their son as an alternate beneficiary.

Maidment’s mother, Linda McNeil, claimed the insurance money on behalf of her son.

Forbes’s mother, Emeline Forbes, who is now raising the couple’s son, applied for the insurance money on his behalf.

Because there were competing claims, Co-operators Life Insurance Company paid the claim to the court and left it to a judge to decide.

In a decision released Thursday, Justice Frank Edwards ruled the money should go to Maidment, not his son. The decision does not disclose the amount of the payout.

“There is a public policy rule which says criminals should not be permitted to benefit from their crimes,” Edwards wrote.

“That public policy rule has no application to this case. Richard has been found to be not criminally responsible. He is not a criminal.”

Edwards is the same judge who found Maidment not criminally responsible for the killing, an event he describes as “an unspeakably horrendous and tragic event for everyone involved.”

Friends say the money should be in trust

Friends of Forbes said they were “sickened” to hear about the ruling and that it took them back to the day they learned of Forbes’s death.

“Just a gut-wrenching feeling in the pit of your stomach that this can’t be real, this can’t be happening. But now it’s happened twice,” said Valerie Youden, who worked with Forbes at Parkland, a senior’s home in Sydney, N.S. Forbes also worked as a teacher’s assistant at an elementary in nearby Reserve Mines.

“I know he has a mental illness, but he still chose to brutally [kill] Sarabeth, and we all have choices in life, and he made that one,” said Terri Spooney, another friend and co-worker, adding Forbes would be “devastated” if she knew he’d received the money instead of her son.

Both women believe Forbes would have wanted the money to go to her son’s future.

‘Heart bigger than life itself’

Youden considers the situation a failure of the justice system.

“If you’re not responsible for her death, he shouldn’t be [considered] responsible enough to get the money,” she said.

She and Spooney said they try to focus on memories of Forbes instead of her death. They said there’s rarely a day at work that either a client or co-worker doesn’t refer to her fondly.

“She was always smiling, always laughing, a bubbly personality, and would do anything for anybody. She had a heart bigger than life itself,” said Spooney.

Source: CBC News, Nova Scotia

Blue Cross Canassurance Forms a National Alliance With Blue Cross Life

NEWS PROVIDED BY

Blue Cross Canassurance

MONTREAL, Dec. 5, 2019 /CNW/ – The Canassurance Hospital Service Association (Blue Cross® Canassurance) and Blue Cross Life Insurance Company of Canada will enter into a Canada-wide alliance as of January 2, 2020. Blue Cross Canassurance will become a shareholder of Blue Cross Life, in alignment with the other members of the Canadian Association of Blue Cross Plans.

“Blue Cross Canassurance is very pleased to join Blue Cross Life together with the other Blue Cross member plans. This alliance will contribute to strengthening the collaboration between the various Blue Cross plans across Canada, thus reinforcing our ability to provide excellent products and services to our customers and business partners,” stated Sylvain Charbonneau, President and CEO of Blue Cross Canassurance.

The Blue Cross plans always favored working collaboratively to optimize their individual and shared strengths in order to offer customers solutions that support improved health and wellness. This important agreement will enable Blue Cross Canassurance to ensure that it meets the evolving needs of its customers.

“This alliance marks an important step in achieving our strategy of operating on a truly national level; it strengthens our business while improving our capacity to work with the Blue Cross plans throughout Canada,” stated Marie-Josée Martin, President and CEO of Blue Cross Life.

As this alliance is subject to approval by regulatory authorities, a submission has been filed with Office of the Superintendent of Financial Institutions (OSFI).

About Blue Cross Canassurance

The Canassurance Hospital Service Association (Blue Cross Canassurance) contributed to introducing health and travel insurance to Quebec and Ontario. Founded over 75 years ago, the organization is built on solid foundation of excellence and continues to be the reference standard for individual insurance and assistance, thanks to services that continually adapt to the changing needs of its clients. It operates under the names Québec Blue Cross® and Ontario Blue Cross® and provides assistance through its subsidiary CanAssistance Inc.

About Blue Cross Life Insurance Company of Canada

Blue Cross Life is a federally-licensed company with operations located in several provinces. The Company is owned by four shareholders, operating as Alberta Blue Cross, Saskatchewan Blue Cross, Manitoba Blue Cross, Medavie Blue Cross. It specializes in life and living benefits insurance to supplement the portfolio of health and dental products distributed by its shareholder Blue Cross plans.

The OmbudService for Life & Health Insurance appoints new Senior Deputy Ombudsman

The OmbudService for Life & Health Insurance (OLHI) announced today the appointment of Marjolaine Cantin to the newly created  role of Senior Deputy Ombudsman, effective immediately.

“This is great news for OLHI,” said Glenn O’Farrell, CEO and Ombudsman, OLHI. “With this appointment, OLHI moves forward with certainty as it strives to consistently improve the quality and caliber of its service to the life and health insurance marketplace.”

Marjolaine Cantin brings to this role highly regarded professional credentials and a very solid track record of management experience. Working with consumers, insurance companies and regulators at OLHI over the past few years, Marjolaine has demonstrated astute expertise, industrious diligence and premium ethical conduct.

In her new role, Marjolaine will report to Glenn O’Farrell, the recently appointed CEO and Ombudsman for OLHI. She will have overall responsibility and management of the OLHI complaints process consisting of assigning, managing and reviewing the work from the Complaints Analysts as well as reviewing the work of OLHI’s subject matter experts.

“I am grateful for this recognition which really honours me as a professional. OLHI is an organization that invests unwavering commitment to its mission to provide free, impartial, independent and prompt resolution of consumer complaints related to Life & Health insurance. I look forward to continuing to contribute to OLHI’s success with the support of our CEO and Ombudsman and the very talented and dedicated members of our team,” said Marjolaine Cantin, newly appointed Senior Deputy Ombudsman, OLHI.

A lawyer with nearly 25 years experience in the life and health insurance industry, Marjolaine brings a wealth of insurance law expertise along with a deep understanding of alternative dispute resolution. She has served in various industry positions including, Senior Litigation Consultant, compliance management roles and also acquired extensive experience in travel insurance.  Marjolaine studied law and graduated from Université Laval. In addition to being a member of the Quebec Bar she is also an accredited mediator with the Québec Bar and a certified Small Claims Mediator.

OLHI is a national, impartial and independent dispute resolution enterprise serving the life, health and employee benefits insurance marketplace. OLHI services are available free of charge to consumers across Canada.

Following its Annual General Meeting on September 19th, 2019, OLHI released its 2019 Annual Report, outlining a comprehensive overview of all the achievements, statistics and case studies from the past year. The reports can be downloaded at www.olhi.ca/news-publications/annual-report/ and www.oapcanada.ca/nouvelles-et-publications/comptes-rendus-annuels/.

About the OmbudService for Life & Health Insurance
The OmbudService for Life & Health Insurance (OLHI) is Canada’s only independent complaint resolution service for consumers of Canadian life and health insurance. Canadians trust us to review their insurance complaints about life, disability, employee health benefits, travel, and insurance investment products such as annuities and segregated funds. OLHI’s free bilingual services are available to any consumer whose insurance company is an OLHI member – and, currently, 99% of Canadian life and health insurers are. OLHI also offers general information online about life and health insurance. To ensure impartiality, OLHI’s operations are overseen by the Canadian Council of Insurance Regulators (CCIR). For more information, visit www.olhi.ca.

SOURCE OmbudService for Life & Health Insurance

New insurance solutions round out Sun Life’s permanent product shelf

Added simplicity, flexibility help Canadians protect what matters most to them

TORONTO, Sept. 30, 2019 /CNW/ – Today Sun Life announced that it will offer simple and flexible options for guaranteed protection, with the addition of two new permanent life insurance solutions:

  • SunUniversalLife Pro
  • Sun Permanent Life

SunUniversalLife Pro is the ideal corporate insurance solution. With guarantees, cash accessibility and a wide variety of optional benefits, SunUniversalLife Pro helps business owners with their long-term planning, allowing them to focus on the day-to-day challenges of running their business.

“We’ve listened to business owners share their stories,” says Vineet Kochhar, Senior VP, Insurance Solutions, Sun Life. “They want to protect shareholder value and maximize their estate. Primarily, they want to focus on growing their business without worrying about outgrowing their insurance. SunUniversalLife Pro gives them that peace of mind.”

Sun Permanent Life provides lifetime, guaranteed protection to Canadians with the simplicity they’ve asked for. Guaranteed premiums and death benefits ensure that protection is available to our Clients, when they need it most. The policy also provides a guaranteed cash value starting in year three, which can be used in case of an emergency.

“In addition to guaranteed protection, we know convenience is important to Canadians when it comes to life insurance,” says Kochhar. “People want to protect what matters most to them and they should be able to do that in the easiest way possible. Sun Permanent Life allows Clients to set it, forget it and rest easy knowing your family is protected.”

Focused on simplicity, Sun Life has also introduced Accelerated Underwriting, which makes it easier and faster for more Canadian Clients to get their policies.

Connect with Sun Life

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About Sun Life

Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2019, Sun Life had total assets under management of $1,025 billion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Note to editors: All figures in Canadian dollars

Media Relations Contact:

Michael Gaspar
Manager, Corporate Communications
T. 416-496-4237
Michael.gaspar@sunlife.com

SOURCE Sun Life Financial Canada

AM Best Upgrades Credit Ratings of SSQ, Life Insurance Company Inc.

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of SSQ, Life Insurance Company Inc. (SSQ) (Quebec, Canada). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

The ratings reflect SSQ’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

SSQ is primarily involved in group insurance and holds significant market share within the Quebec province. As the sixth-largest life insurer in Canada by premium volume, SSQ also offers a variety of products including group and individual insurance, property/casualty insurance, and investment and retirement products. The company’s majority shareholder, Fonds de solidarité FTQ, is the largest developmental capital network within Quebec and assisted SSQ with the acquisition of AXA Life of Canada in 2012. SSQ continues to prioritize expanding outside of Quebec, with some success over the long term.

The rating upgrades reflect SSQ’s improved risk-adjusted capitalization, decreasing financial leverage, and growth of absolute capital over the previous several years. In addition to a favorable Best’s Capital Adequacy Ratio (BCAR), the company also reported a robust regulatory solvency ratio through 2018 under Autorite Des Marches Financiers’s new capital regime, CARLI (capital adequacy requirements for life insurers), which took effect in Quebec on Jan. 1, 2018.

SSQ also continues to produce strong and consistent operating performance year-over-year, often posting low double-digit returns on equity. Despite some volatility in earnings by line, SSQ’s core group insurance business continues to generate favorable earnings on growing business volume, which is expected to accelerate in 2020, as the company takes on group business from the nearly 40,000 employees and retirees of HydroQuebec.

AM Best believes that SSQ will continue to support its very strong balance sheet strength over time, backed by favorable earnings and manage its concentration in Quebec, as it attempts to compete against larger more established entities throughout Canada.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.

Understanding life insurance

Submitted

BC Local News

Have you ever thought of how much impact smoking has on your finances? Health Canada’s cost calculator finds that smoking half a pack a day can cost up to $2,500 per year. Meanwhile, on a nationwide scale, the Canadian Cancer Society reported that smoking generates $6.5 billion in healthcare costs yearly. And, the expenses don’t end there – not if you’re looking to get life insurance.

What does life insurance have to do with it? Your life insurance rate depends on how healthy you are right now. But it also depends on whether you’re putting your health at risk with lifestyle choices like smoking. Here’s how this costly habit can affect your life insurance premium.

How smoking can affect your life insurance premium

To start, let’s look at the basics of life insurance. You buy a policy that provides financial protection and pay for it with monthly or annual fees, called premiums. What happens if you die while the policy is still active? Your beneficiaries get a specific amount of money stated in the policy, known as the death benefit. They can then use that money to help pay off debts, mortgages, loans, and other living expenses.

Basically, life insurance can help give your family financial assistance and security after you die. So, how do insurance companies put a price on that security? A lot of the cost of life insurance depends on your current state of health and your family history. But what’s one of the biggest factors insurance companies look at when assessing your health risk? Whether or not you’re a smoker.

“The health hazards of smoking and the risks it puts on your life are well-known,” says Paula MacMillan, a financial advisor from Winnipeg.

Underwriting is when an insurance company reviews your health risks after you’ve applied for life insurance. This process lets an insurer calculate the coverage you’re eligible for. It also ensures your premium reflects the level of risk.

Simply put: Your risk level affects your premium.

“Being a smoker puts people at a higher risk of smoking-related illnesses,” Macmillan says. “And this translates to higher premiums.”

READ MORE HERE

Source: BC Local News

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